Will ending the Strait of Hormuz Crisis be a sell-the-news catalyst?

We break down a massive geopolitical development and its surprising market implications. Iranian state television has disclosed an unofficial draft memorandum between Tehran and Washington to end the naval blockade and withdraw U.S. forces from the Strait of Hormuz. While crypto and precious metals are pricing out the conflict premium with sharp sell-offs, the broader stock and bond markets have had a remarkably muted response.